Y&A Framework: IT Services

GETTING STARTED

RUNNING YOUR BUSINESS

4

Business Incorporation

5

Bookkeeping: QuickBooks

6

Accounting Calculator

7

Corporate Taxes

TREND & STRATEGIES

8

TREND & STRATEGIES

GETTING STARTED

The computer services industry is estimated to be a $300 billion industry. Billions of people rely on computers and technology every day to successfully operate their businesses. They need reliable services that can provide them with the help and guidance they need in the face of technological difficulties.

Determine the type of consulting services you plan to offer. Hardware, software, networking or a combination of those services are all options. The more services offered, the broader reach the business will have, which can create more customers. Consultants must constantly seek referrals and leads and be able to present their value in a clear and convincing manner. Consultants must be effective time managers to juggle their clients' demands and to maximize their billable hours. Keep in mind, not everything you work on is billable.

What marketable skills do you have? Differentiate yourself from the crowd.

Aside from a long and successful career running an IT Consulting, Certifications are industry-leading credentials to start and grow your business.

CompTIA (A+, Network+, Security+, Linux+)

Network+ $239

Security+ / Linux + $258

Microsoft (MCSE, MCITP)

Microsoft Certified IT Professional $125

Microsoft Certified Systems Engineer $875

Cisco (CCNP, CCNA, CCiE)

Cisco Certified Network Associate $250

Cisco Certified Network Professional $600

Cisco Certified Internetwork Expert $1750

Apple (ACSP, ACTC, ACSA)

Apple Certified Support Professional $200

Apple Certified Technical Coordinator $400

Apple Certified System Administrator $650

Certified Information Systems Security Professional (CISSP) $599

Information Systems Audit and Control Association (ISACA) $415

Project Management Professional (PMP) $555

What IT services can you offer?

In a nutshell an array of IT services that entails designing, building, or managing a system are offered in an IT consultancy business.

To further illustrate, an IT expert is needed to design, build, and/or manage

A system for an e-commerce business for both the collection and payments for goods and services. If a system already exists, then an IT consultant that has experience and expertise in the software used will be needed to make sure that the system is working smoothly.

Mobile app development services. With users spending 90% of time using apps, more than a billion iOS users worldwide, and Google Play offering more apps than any other platform, it is clear that there is a business case to be made for developing apps.

Mobile app for your business. For customers and potential customers to stay and be aware of a business, it makes sense to have a mobile app to keep in touch with customers in the area.

Many attractive reasons urge businesses to have an app of their own:

It’s the way things are done now – if competitors are not doing it yet, that means that you could be the first in the area to offer such, which could be an advantage for the business.

It can build a bond with customers – an app offers an easy and accessible touch of point because of a business’ visibility on the customer’s phone or tablet.

(A way to keep customers up to date – push notifications allow those having apps to notify customers of new products and services. That way businesses can introduce new offerings to each customer and increase the chances of the product/service sparking interest to the customer’s needs or wants.

Stand out from the competition – having an app is one thing and having a good one is another. A business app should be consistent to the brand values and convey a consistent message of quality and efficiency to the customers.

Offer incentives – much like how loyalty programs of brick and mortars work, an app can be utilized to incentivize purchases and thereby increase customer loyalty. A tracker of points and a series of bonuses can be offered without the hassle of possibly losing cards or stamped pads.

Legal Requirements

Secure Contracts

Franchise or Independent: Which is better?

This franchise category did not exist 20 years ago! That is also a great reason why the Computer & Internet category is full of franchises with lots of growth potential. Many computer and IT services franchises have low startup costs because they do not require a store front or much equipment. Many of these franchises take their services directly to the business they are assisting to do the job on-site.

Starting up from scratch could be challenging but less expensive, while franchising gives you a head start because of the brand name that people recognize. Continuous training and support from the franchisee are expected together with a royalty fee.

Permits and Insurance

Software License (EULA)

Certificate of Occupancy $250.00

Marketing Signs Portable on Private Property - $80.00

Payroll Account and Workplace Safety & Insurance Board Account

Basic insurance

Fire insurance

(extended coverage on buildings and contents)

Liability insurance

Burglary protection (theft coverage)

Dishonesty insurance

(covers thefts by employees)

RUNNING YOU BUSINESS

Business Registration: Sole proprietorship or Corporation

We recommend incorporating your business because of the following benefits you will get:

Brand Protection - This helps protect your consulting company's reputation and also gives you a foundation for protecting your business and services from infringement.

Limit Your Liability – you will not be personally liable for the company’s debts.

Enhanced Credibility - you will be known publicly by your business name followed by 'Inc' or 'LLC.' This gives your businesses added professionalism and helps show that you are established and reputable.

We can help you decide by taking our quiz and choose what’s best for your business.

Take your business to the next level using an Accounting Software

It is important to focus your time and energy on the tasks that will make your business profitable, managing your invoices and collecting payments could be challenging but we can make it easier. Tracqk your cashflow and concentrate on your business activities with the help of QuickBooks!

The Feature of the future

QuickBooks Customer Center: At one glance you can monitor all your receivables, track the balance of each job you did and attach important documents like contracts on their record.

Billable Time and costs: All expenses related on a specific job can be billed to the client at ease with the help of the software, you can even set a mark up rate/price.

Using an accounting software saves your time, money, minimize errors and offer you valuable and appropriate business. It can do so by: Data entry in a simple way – fast and very quickly data import, Online Banking, etc.

Start utilizing accounting as your tool, your company’s historical financial activity and cash flow can be used to determine your next strategy. Generate forecast and budgets, Monitor your business growth. Find the stories beyond those numbers.

Which is better, Lease or Loan?

Leasing is a popular method of acquiring new equipment for your business. Although the payments may seem attractive, it may not always be the best financial decision versus purchasing the equipment outright and financing it with a low interest loan. Use the calculator to identify which gives you a better deal, Lease or Loan?

Choose an equipment based on the amount it will depreciate rather than its sales price. Your lease payment is dependent on how much it depreciates during the lease period. As a lessor, you want to purchase an equipment that best retains its purchase price, low depreciation.

Every business needs to file their corporate taxes, whether they were actively engaged in business or not.

Sometimes, there’s an advantage to being the little guy—Canadian owned and controlled small businesses may be eligible for the small business deduction, bringing the tax rate down to 10.5%. The business limit on receiving the small business deduction is $500,000, meaning that corporate income up to the amount of $500,000 is eligible for the small business deduction.

Penalties

Failure to file your T2 taxes on time will result in penalties. These penalties amount to 5% of the amount owing on your taxes, plus an extra 1% for each full month that your tax filing is late. The late penalty for filing may jump to 10% if the CRA sends a demand to file, when there has also been a failure to file in any of the three previous tax years.

TRENDS & STRATEGIES

Artificial intelligence (AI)

Artificial intelligence (AI) is a main topic for 2018 and beyond. Data is the fuel for artificial intelligence, and today it is produced constantly and in abundance, both by end users through their intensive. In the long term, it is fair to assume that AI will increase efficiency and insights in virtually every aspect of a company’s business—including strategic issues.

Robotic Process Automation

Even the simplest manual-digital back-office processes are being taken over by digital robots. In many cases, robotic process automation (RPA) brings cost savings of as much as 80 percent—while guaranteeing almost 100 percent accuracy. A typical use case example: A paper invoice is read by OCR software and interpreted by a trained machine learning system, and then the extracted data is further processed by an RPA robot in the company’s standard process.

The Rise of Platforms

Business customers across industries today are seeking a single platform that can meet multiple demands in just one channel. Next to products, logistics services, financial offers and quality checks should be offered at the same interaction point.

The Increasing Weight of Legacy Systems

“Cleaning up” seems to be a never-ending issue for CIO’s, but its increasing relevance leaves it among their top agenda items. The question is: How can you transform IT infrastructure to win in digital without increasing costs? Legacy systems often take up more than 70 percent of available resources.

Blockchain

Blockchain is the technology behind the Bitcoin or we can say behind all the crypto-currencies. It offers security that is useful in many other ways. In the simplest of terms, blockchain can be described as data you can only add to, not take away from or change. Hence the term “chain” because you’re making a chain of data. Not being able to change the previous blocks is what makes it so secure. With blockchain, you don’t need a trusted third-party to oversee or validate transactions.